Start Up Businesses

Right, a few things you need to think about:

What type of structure is relevant to you?

Starting simply you can be a sole trader, if with others form a partnership, one step further is the Limited Liability Partnership or go the whole way and form a Limited Company. These options are described in more detail in "business types" but the answer is - talk to us first!

Taxes

There are a few items to think about here too. Dependent upon your choice of business style you will either pay income tax on business profits (sole traders and partnerships) or corporation tax. Income taxes are generally more expensive than business taxes but the accounting is slightly less complicated.

You may have to register for VAT if your sales are above set limits but you can also register if below these limits and it's to your advantage - see the Budget section for VAT thresholds.

If you employ staff or operate a limited company you have to run a payroll and account to the Inland Revenue for PAYE taxes at least every 3 months.

Banking

Where are you going to put the cheques?  If a sole trader, you can get away with keeping a personal account and free of bank charges. For other types of business you will need a business bank account with attendant costs. We can establish bank accounts for you and can often negotiate charge-free periods, so talk to us before you see the bank.

Other considerations

You should talk a few things through with us, see "Moving forward"